MI SB0881

Removes requirement that supervisors approve poverty exemptions for principal residences; exemptions now determined solely by board of review based on federal poverty guidelines.

Adds 75% as a partial exemption option alongside existing 50% and 25% reductions in taxable value for poverty exemptions.

Creates retroactive exemption process allowing July or December board of review to grant poverty exemptions for immediately preceding tax year if exemption was not on assessment roll and was not previously denied.

Allows local assessing units to extend poverty exemptions for up to 3 additional years without reapplication for persons receiving fixed income from public assistance, provided ownership and occupancy status remain unchanged.

Requires local assessing units that grant extended exemptions to implement audit programs; failure to rescind exemption when eligibility ends results in repayment of back taxes plus 1% monthly interest.